Governance Risk management is the process of ensuring that an organization meets its financial targets. Compliance is the ability to follow all laws, guidelines, rules and procedures. This includes the ability of internal employees to adhere to policies and procedures.
The enterprise governance, risk, and compliance (eGRC) market is growing rapidly as organizations strive to manage an ever-increasing number of risks and regulations. The eGRC market is expected to reach USD 9.7 billion by 2024, up from USD 6.4 billion in 2019, according to a new report from Market.us.
This growth is being driven by the need for organizations to better manage risk and compliance across the enterprise, as well as the increasing number of regulations requiring compliance management. The eGRC market includes software and services that help organizations automate and streamline their governance, risk, and compliance processes.
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Dynamics:
The key driver of growth in the global EGRC market is expected to be an increase in non-compliance penalties and asset losses. Global market growth will be supported by the adoption of compliance solutions in various financial sectors that provide quick recovery actions to counter cyber threats.
The rise in the adoption of EGRC applications by diverse IT industries will drive growth of the global EGRC industry. This is due to the emergence of internet of things, big data analytics and blockchain technology.
Additionally, EGRC applications have many benefits, including an optimized operating process, effective oversight, integrated risk and management activities, resource optimization, simplified business processes, and assured information and data quality. This will support the growth of the EGRC among diverse organizations.
Increasing automation in data management, which is linked to risk management and compliance activities, is expected to encourage adoption of EGRC by many organizations around the world. The EGRC provides support for audit management functions and schedules audit-related tasks. This will help optimize audit time and reporting. These factors are expected to help support the growth of global markets.
To increase business expansion and generate more revenue, mergers and acquisitions are increasing. This is expected to drive growth of the global target market due to growing need to manage business risk and comply with industry regulations.
The stifling regulatory structure that exists today is a significant factor expected to limit global EGRC growth. A lack of awareness in emerging industries is another factor that could limit growth.
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Top #11 Enterprise Governance, Risk, and Compliance (eGRC) Market Companies:
SAP SE
International Business Machines
Dell
Wolters Kluwer
Oracle
Metric Stream
Deloitte Touche Tohmatsu
Fidelity National Information Services
Thomson Reuters
SAI Global
Bwise
Recent Development
+ Oracle released version 8.6.0 (GRCI) of its Oracle Governance, Risk and Compliance Intelligence (GRCI) in April 2022. It’s an intelligence reporting tool that extracts data from Oracle Governance, Risk, and Compliance Controls.
+ IBM OpenPages was introduced by IBM in March 2022 with Watson 8.3. It is an integrated GRC platform which provides a task-focused user interface that assists organizations in maintaining compliance and risk management initiatives.
+ SAP introduced Access violation management in January 2022. It allows real-time risk analysis, provisioning, user access reviews and role management.
All industry verticals play a critical role in enterprise governance risk & compliances (EGRC); however, strict regulations imposed by government authorities are becoming more stringent. These compliances were created to ensure that industries are accountable and take the necessary steps to mitigate risk. The success of any company depends on how well they are able to understand and make timely decisions using the EGRC guidelines. Information security has been advancing due to the rise in data breaches across many industries. Globalization has created a wide range of complex transactions that have made it necessary to ensure market growth.
The 2008 global economic crisis led to new regulations being enacted for the banking, financial service and insurance (BFSI). This necessitated a review of both internal and external processes and their consequences. Multi-national companies that operate on the internet face unique challenges due to consumer privacy laws and laws in Europe.
Organizations and industries were forced to use remote work arrangements and home-based work during the COVID-19 pandemic, which created data confidentiality and breaching challenges. EGRC played a crucial role during the phase of the pandemic in data safety and protection. The market growth has been slowed by a lack of knowledge about EGRC for small and medium businesses. Risk management does not just concern data breaches or cyber risks. It also involves the people within the organization, the working culture, and the surrounding environment.
Key Market Segments
Type
Audit Management
Risk Management
Business Continuity
Compliance and Policy Management
Application
Aerospace and Defense
Automotive
Consumer Goods and Retail
Healthcare and Life Sciences
ITES and Telecom
Other Industries
Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
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